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UK PM May concerned by lawmakers' damning report on BHS

Mon, Jul 25, 2016 - 7:35 PM

A damning report by British lawmakers on the role of retail tycoon Philip Green in the demise of department store chain BHS is "clearly concerning", a spokeswoman for Prime Minister Theresa May said on Monday.

PHOTO: REUTERS

[LONDON] A damning report by British lawmakers on the role of retail tycoon Philip Green in the demise of department store chain BHS is "clearly concerning", a spokeswoman for Prime Minister Theresa May said on Monday.

The report by Parliament's Work and Pensions and Business Committees said Mr Green's greed and disregard for corporate governance led to the collapse of BHS and the loss of 11,000 jobs, calling the failure of the British stores group "the unacceptable face of capitalism."

The report represents a test for Ms May who promised on taking office this month to crack down on irresponsible corporate behaviour.

"The prime minister has already set out that we need to tackle corporate irresponsibility, reform capitalism so that it works for everyone not just the privileged few. That means in the long run doing more to prevent irresponsible and reckless behaviour," Ms May's spokeswoman said.